Conditions of Sale

TERMS AND CONDITIONS OF SALE


Live Sale

 

The Terms and Conditions of Sale set out below explain the method by which the seller and buyer will complete the transaction of the buying an artwork through Pundole’s, and the terms each is bound by.

TERMS OF SALE

Unless specifically stated, Pundole’s does not have a financial interest in any of the property offered for sale. Pundole’s only acts as an agent for the seller.

All property will be sold ‘as is’.

The auction will have a catalogue uploaded on the Pundole’s website as well as a printed catalogue published prior to the sale. Please read the catalogue carefully for all details pertaining to the property offered.

All bidders are encouraged to examine the property offered for sale in person prior to the sale.

Information provided in the catalogue on matters relating to the condition report, authenticity, provenance, quality, or art historical relevance, whether stated in the catalogue or communicated verbally constitutes an opinion from Pundole’s.

Pundole’s does not guarantee the frames.

Pundole’s will provide details and information to the best of its abilities, and cannot be held liable for any information that is erroneously provided or not mentioned. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by them of any kind.

Pundole’s only take responsibility for the information provided regarding the Author, name of the artist or basic description of the property as stated in the opening line of each lot in capital letters. The information in the catalogue and condition report is meant to help prospective buyers, but is not exhaustive by any means, and all buyers are encouraged to supplement that information through their own experts or other research.

Condition Reports are available on request and will provide details and information to the best of Pundole’s abilities, and Pundole’s cannot be held liable for any information that is erroneously provided or not mentioned. These reports have not been done by trained conservators. We encourage you to get an additional professional assessment should you need. Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean that they do not exist. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by Pundole’s of any kind.

Estimates are only provided as indicative values to give buyers a general range of the price we expect the work to sell for. It is not to be taken as a confirmed price expected for the work.


Pundole’s may withdraw any property before, during or after the auction if in its opinion there is any issue regarding authenticity, ownership or any change to the information provided for the artwork when it was consigned.

THE AUCTION

By bidding at a Pundole’s auction, the bidder enters into an irrevocable offer to buy the artwork that has been bid on. Should the bid be successful, the buyer agrees to pay the hammer price plus the buyer’s premium, all applicable taxes, plus any additional charges relating to shipping, storage, insurance, import-export permissions and bank transfer fees.

All registration formalities, as outlined in the Registration/Absentee Bids form must be completed prior to the sale. For first time bidders, it would be ideal to complete the registration process before the day of the sale.

In the event that a party is bidding on a third person’s behalf, it is the party’s responsibility to ensure that all paperwork explaining the transaction and relationship has been completed prior to the sale as per Pundole’s registration requirements.

Paddles are given at Pundole’s discretion, and bidders may not be allowed to bid at Pundole’s discretion.

Absentee bids will be carried out by the auctioneer or a member of Pundole’s on behalf of the client. This service is offered free of charge, and Pundole’s does not accept any liability in the unlikely event that the bid is not executed or executed incorrectly. In the event the auctioneer has two bids of identical values and no higher bids are taken in the saleroom, the bid received on the earlier date/time will be given preference. All absentee bids need a completed and signed form (available at the back of the catalogue) in order for them to be accepted.

Similarly, telephone bids can be arranged for clients unable to be in the saleroom. Telephone bidding will be arranged subject to availability of Pundole’s staff hence requests should be made as early as possible. This service is offered free of charge, and, Pundole’s does not accept any liability in the unlikely event that the telephone bid is not executed or executed incorrectly or the client has been unreachable due to faulty telephone connections. Telephone bids may be recorded.

Bidders may also choose to bid online through Pundole’s website or mobile bidding application. All registration formalities must be completed before the start of the sale, or bidders may not be granted bidding access. Pundole’s does not accept any liability for online and / or mobile bids that are not accepted or not executed correctly. In the event that there is a technical problem on the Pundole’s website or mobile application, the auction will continue. Any online or mobile bids received before the problem occurs will be executed. Pundole’s does not accept any liability for any technical problems incurred either on the website or on the mobile application during an auction. Pundole’s reserves the right to determine when online and mobile bids have been recorded.

Pundole’s is not liable for any delay or time lag incurred in-between the time a bid is placed and is received by Pundole’s, or, information regarding current bid amounts is received by bidders due to slow mobile networks or heavy traffic over internet lines.


Consignors may not bid on their own lots in the auction.

Pundole’s employees and consultants may not bid in the sale as principals unless a written bid is submitted 72 hours prior to the start of the sale. They may not increase that bid or bid on their own behalf in the room.

All works, unless specifically indicated otherwise, will be sold subject to a reserve. The reserve is the minimum price at which the consignor has agreed to sell the Property at, and in no case will exceed the low estimate of a Property. All reserves are kept confidential. The auctioneer may open the bidding by placing a bid on behalf of the seller. The auctioneer may continue to bid up until the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. In the event that neither an absentee bid nor bid in the room reaches the amount of the reserve, the auctioneer will ‘pass’ the Property and it will remain unsold.

For all bids, the auctioneer’s decision is final, and the auctioneer will have full discretion to choose, accept or reject bids. While bidding increments will usually increase by approximately 10%, the auctioneer has the discretion to break or change the increments. In the event of a dispute, the auctioneer reserves the right to re-offer the lot and determine the successful bidder for the lot.

The auctioneer will determine the successful and highest bidder for each lot. The fall of the auctioneer’s gavel shall confirm the close of each lot, and the auctioneer will announce whether the lot has been sold or not. The successful sale of each lot and the announcing of the successful paddle number also marks a successful and irrevocable contract between the seller and buyer of the artwork. The buyer accepts full responsibility to pay for the lot, as determined by the final hammer price plus the buyer’s premium, all applicable taxes, plus any additional charges relating to shipping, storage, insurance, import-export permissions and bank transfer fees.

POST SALE INVOICES

All successful bidders will require putting down a deposit of 10% of the hammer price, on completion of the auction, either in cash [with a self- certified PAN Card] or by cheque or bank transfer to guarantee their purchase. Non-payment of all balance payments within fourteen days post the sale would lead to forfeiture of the deposit.

All successful bidders will be sent two proforma invoices within 24 hours of the conclusion of the sale, for the purchases made in the sale by email to the email address provided in the Registration form. The first proforma invoice will include the hammer price plus import duty at the rate of 11% (or as chargeable at the time of payment), if applicable, and Goods and Services Tax (GST) at the applicable rate (taxes are subject to changes and revisions). The second proforma invoice will include the buyer’s premium (15% payable on hammer price) plus applicable GST at 18% (taxes are subject to changes and revisions).

For works that have been imported into India (marked with a # in the catalogue), the applicable GST will be charged on the total amount of the hammer price plus the import duty of 11% (or as applicable at the time of payment).


The proforma invoices will be sent to the name and address of the successful bidder as stated on the registration form. Any changes to this should be sent to accounts@pundoles.com or via written communication within 48 hours of the sale being completed.

Final invoices for purchases made in the sale will be sent to the name and address of the successful bidder as stated on the registration form once payment is completed. Invoices will reflect the final amount payable for all lots purchased. The total invoice price will be divided into two separate invoices as stated above.

In applicable cases, additional invoices / debit notes for packing, shipping, insurance and storage (if applicable), will be sent separately.

PAYMENT

Payment should be made within 14 days of receipt of the proforma invoices via

email. Payment will only be accepted from the same party as indicated on the invoice. Payment will be accepted through cheques, wire transfers and demand drafts.

International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees. NON-PAYMENT

If the buyer fails to make payment on any purchases within 14 days of the receipt of the proforma invoices, Pundole’s has the right to take whatever action they deem necessary, including legal proceedings to ensure that the contract between seller and buyer is fulfilled.

In case of payments delayed beyond their respective due dates, the following will be charged:

Late charges will be calculated based on the total purchase price plus taxes and all charges related to shipping, and insurance and storage. Pundole’s will give the buyer suitable notice, failing which, at the sole discretion of Pundole’s further steps may be taken, which may include cancelling the sale, re-offering the property and restricting any further bidding in Pundole’s auctions.

Pundole’s has the right to re-offer the property for auction or private sale if payment is not made by the original purchaser within 45 days of the conclusion of the auction. In the event the property is re-offered, the original buyer will have to bear any and all financial loss borne through the process of reselling the work. This includes any monetary shortfall between the original amount fetched at auction and the new price obtained at resale as well as all losses related to commissions, premiums, shipping, insurance and storage charges, legal fees, and all applicable taxes. Due credit will be given for any part payment made by the buyer.

SHIPPING

Shipping instructions, whether local or international should be communicated to Pundole’s within 7 days of receipt of the invoices.

All purchases must be collected or shipped within 14 days of payment of the invoices. If after full payment the buyer fails to collect the Property or arrange for shipping within 14 days of payment, Pundole’s will move the Property to storage and charge the buyer storage and insurance charges that will have to be cleared prior to collection.

Local buyers who have purchased lots imported into India will be obliged to settle all invoices, including import duty, GST, etc., before such lots can be released from the Free Trade Warehousing Zone for free circulation within India.

All lots that have been imported into India (marked with a #) have been stored in a Free Trade Ware housing Zone. These lots will be cleared and released for free circulation within India from the FTWZ upon payment of customs duty @11% (or as applicable at the time of payment) to Pundole’s.

Shipping for all lots imported into India will only be arranged by Pundole’s on behalf of the buyer. All packing, shipping, insurance and related expenses will be borne by the buyer.

Shipping can be arranged by Pundole’s for both local and international shipments. In all cases, a third party will be used to pack, handle and ship the goods to their final destination. The work will also be insured at the buyer’s expense while in transit. While we will use a reputed and experienced art shipper, any mishap related to shipping and packing is not Pundole’s responsibility, and does not constitute part of the original contract between the seller and the buyer.

International buyers who have wire transferred money from an overseas bank account may be exempt from paying GST on the hammer price if the work is directly exported only by Pundole’s through their authorised licensed shipper, with the appropriate and required documentation. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.

If there is any loss or damage to the property of any nature whatsoever while the property is in the possession of Pundole’s or in transit the Buyer shall not hold Pundole’s responsible or liable for any such loss or damage and shall not claim any sum whatsoever from Pundole’s as costs, losses or damages. The Buyer agrees that it shall accept the proceeds of an insurance claim that maybe settled/sanctioned by Pundole’s insurance company by its policy in full and final settlement.

Any works exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing works into a country, it is the buyer’s responsibility to check on any import restrictions or applicable duties before confirming a shipping location. While Pundole’s will assist with both shipping and export, it is the buyer’s responsibility to be aware of all import and export regulations and obtain any necessary licenses or permissions.

Import/Export licenses may take considerable time to obtain. Payment to Pundole’s for the purchase of the artworks should not be held up because of any shipping related issues. No sale may be cancelled due to lack of information on export and import procedures.


LIEN AND TRANSFER OF TITLE

Pundole’s shall be entitled to retain all property sold in various lots to the same purchaser, until amounts due to them from such purchaser have been received in full. Subject to this the Buyer may collect the properties within the prescribed time frame.

Risk and responsibility for the lot (including frame, glass and other breakable materials where relevant) and transfer of title passes to the buyer only after payment is received in full. At no point is copyright transferred to the buyer.

Pundole’s has the right to have a lien on the purchases for which payment is due until all outstanding dues are paid. All works can only be collected or shipped only upon receipt of all dues.

REGISTERED ANTIQUITIES AND NATIONAL ART TREASURES

All works as classified by the Government of India’s Antiquities and Art Treasures Act of 1972 as National Art Treasures, and, all property that is either registered with the Archaeological Survey of India or over one hundred years old is NON-EXPORTABLE and cannot be taken out of India. The works will be subject to all local taxes.

Please do note that all items that are registered with the Archaeological Survey of India, or, are over one hundred years old, or, are National Treasures whether specifically indicated in the catalogue or otherwise, cannot be exported out of India. Pundole’s have taken all efforts to determine such lots but do not take responsibility for any lack of information or oversight.

All works deemed to be over one hundred years old, which are classified by the Government of India and the Archaeological Survey of India (ASI) as Antiquities need to be registered with the office of the ASI. For works already registered, the ASI requires that ownership be transferred into the new owner’s name post the auction. While Pundole’s will assist with the process, all responsibility to abide with the guidelines and rules as provided by the ASI is the sole responsibility of the buyer. Please refer to the section titled REGISTERING ANTIQUITIES in the ‘How to Buy at Pundole’s’ section.

LIMITED WARRANTY

Pundole’s make no warranties whatsoever, directly or indirectly with respect to any material in the catalogue with the exception of the Author, name of the artist or a basic description of the property as stated in the opening line of each lot in capital letters.

If there is any dispute regarding a lot that has been proven wrong to Pundole’s satisfaction (as subject to the terms laid out below), Pundole’s will cancel the sale and refund the total amount (hammer price plus buyer’s premium excluding all taxes) to the buyer. The buyer will hand the disputed property back to Pundole’s. This clause is subject to the following:


If in the interregnum, any taxes or duties are paid, these shall not be returned or reimbursed by Pundole’s and Pundole’s shall have no liability on this account whatsoever.

It is the seller’s responsibility to return the net amount received to Pundole’s within a period of 30 days, and it is Pundole’s responsibility to add the buyer’s premium and refund the total amount to the buyer within a period of 10 days. If the seller does not return the money to Pundole’s, Pundole’s is not liable to return the disputed property back to the Seller.

PUNDOLE’S LIABILITY

Pundole’s agrees to refund the money in the case of a disputed sale as set out in the preceding clause. Any damages incurred during shipping, packing, handling are not within the purview of Pundole’s liability.

Apart from what is stated above, neither the seller nor Pundole’s, any of its employees, offices or agents shall be responsible for or give any guarantee, representation or warranty of any kind or assume any liability for the accuracy or correctness of any statement of whatever kind concerning any Property, concerning authorship, date, medium, origin, authenticity, exhibition history, historical relevance, provenance, attribution, or any lack of information provided, or any omissions, faults or defects in any lot.

It is agreed and understood that the recession of a sale and the refund of the Hammer price and the Buyer’s premium paid by the Buyer at the time of purchase is the sole remedy that may be sought by the Buyer, and such remedy is exclusive and in lieu of any other remedy which may be available under law. Pundole’s shall not be liable for any incidental or consequential losses or damages incurred or claimed.

COPYRIGHT

All images, illustrations and written material printed in this catalogue are the sole property of Pundole’s and should not be used by anybody including the buyer without prior permission. Copyright and all other rights are not transferred to the buyer during the sale of an artwork.

All trademarks, logos are a registered trademark of Pundole’s. Any rights not expressly granted herein are reserved.

WAIVER

No failure to exercise nor any delay in exercising any right, power, privilege or remedy under this Agreement shall in any way impair or affect the exercise thereof or operate as a waiver thereof in whole or in part. No single or partial exercise of any right, power, privilege or remedy under this Agreement shall prevent any further or other exercise thereof or the exercise of any other right, power, privilege or remedy.

SEVERABILITY

If any part of the Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shall continue to be valid to the fullest extent permitted by the law.

LAW AND JURISDICTION

In the event of any disputes and differences arising between the parties pertaining to this agreement the same shall be referred to the arbitration of a Sole Arbitrator appointed under the provisions of the Arbitration and Conciliation Act, 1996. The Arbitration shall be conducted in English and the venue thereof shall be Mumbai and in English. The Courts in Mumbai shall have exclusive jurisdiction.

TERMS AND CONDITION FOR TIMED ONLINE AUCTION 


The Terms and Conditions of Sale set out below explain the method by which the seller and buyer will complete the transaction of the buying an artwork through Pundole’s, and the terms each is bound by.

TERMS OF SALE

Unless specifically stated, Pundole’s does not have a financial interest in any of the property offered for sale. Pundole’s only acts as an agent for the seller.

All property will be sold ‘as is’.

The auction will have a catalogue uploaded on the Pundole’s website as well as a printed catalogue published prior to the sale. Please read the catalogue carefully for all details pertaining to the property offered.

All bidders are encouraged to examine the property offered for sale in person prior to the sale.

Information provided in the catalogue on matters relating to the condition report, authenticity, provenance, quality, or art historical relevance, whether stated in the catalogue or communicated verbally constitutes an opinion from Pundole’s.

Pundole’s does not guarantee the frames.

Pundole’s will provide details and information to the best of its abilities, and cannot be held liable for any information that is erroneously provided or not mentioned. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by them of any kind.


Pundole’s only take responsibility for the information provided regarding the Author, name of the artist or basic description of the property as stated in the opening line of each lot in capital letters. The information in the catalogue is meant to help prospective buyers, but is not exhaustive by any means, and all buyers are encouraged to supplement that information through their own experts or other research.

Condition Reports broadly will provide details and information to the best of Pundole’s abilities, and Pundole’s cannot be held liable for any information that is erroneously provided or not mentioned. These reports have not been done by trained conservators. Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean that they do not exist. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by Pundole’s of any kind.

Estimates are only provided as indicative values to give buyers a general range of the price we expect the work to sell for. It is not to be taken as a confirmed price expected for the work.

Pundole’s may withdraw any property before, during or after the auction if in its opinion there is any issue regarding authenticity, ownership or any change to the information provided for the art work when it was consigned.

THE AUCTION

By bidding at a Pundole’s auction, the bidder enters into an irrevocable offer to buy the artwork that has been bid on. Should the bid be successful, the buyer agrees to pay the hammer price plus the buyer’s premium, all applicable taxes, plus any additional charges relating to shipping, storage, insurance, import-export permissions and bank transfer fees.

All Bidding will be done only online through Pundole’s website or mobile bidding application. All registration formalities must be completed before the start of the sale, or bidders may not be granted bidding access. Pundole’s does not accept any liability for online and/or mobile bids that are not accepted or not executed correctly or for any technical problem on the Pundole’s website or mobile bidding application. Any online or mobile bids received before the problem occurs will be executed. Pundole’s reserves the right to determine when online and mobile bids have been recorded.

In the event that a party is bidding on a third person’s behalf, it is the party’s responsibility to ensure that all paperwork explaining the transaction and relationship has been completed prior to the sale as per Pundole’s registration requirements.

Absentee bids will be carried out by Pundole’s on behalf of the client. This service is offered free of charge, and Pundole’s does not accept any liability in the unlikely event that the bid is not executed or executed incorrectly. In the event Pundole’s has two bids of identical values and there are no higher bids online, the bid received on the earlier date/time will be given preference.


Pundole’s is not liable for any delay or time lag incurred in-between the time a bid is placed and is received by Pundole’s, or, information regarding current bid amounts is received by bidders due to slow mobile networks or heavy traffic over internet lines.

Sellers may not bid on their own lots in the auction.

Pundole’s employees and consultants may not bid in the sale as principals unless a written bid is submitted 72 hours prior to the start of the sale. They may not increase that bid or bid on their own behalf.

All works, unless specifically indicated otherwise, will be sold subject to a reserve. The reserve is the minimum price at which the Seller has agreed to sell the Property at, and in no case will exceed the low estimate of a Property. All reserves are kept confidential. Pundole’s may open the bidding by placing a bid on behalf of the seller. Pundole’s may continue to bid up until the amount of the reserve, either by placing consecutive bids or by placing bids in response to other bidders. In the event that neither an absentee bid nor an online bid reaches the amount of the reserve, the Property will remain unsold.

For all bids, Pundole’s decision is final, and Pundole’s will have full discretion to choose, accept or reject bids. While bidding increments will usually increase by approximately 10%, Pundole’s has the discretion to break or change the increments. In the event of a dispute, Pundole’s reserves the right to re-offer the lot and determine the successful bidder for the lot.

Pundole’s will determine the successful and highest bidder for each lot. The successful sale of each lot marks a successful and irrevocable contract between the seller and buyer of the artwork. The buyer accepts full responsibility to pay for the lot, as determined by the final hammer price plus the buyer’s premium, all applicable taxes, plus any additional charges relating to shipping, storage, insurance, import-export permissions and bank transfer fees.

POST SALE INVOICES

All successful bidders will require putting down a deposit of 25% of the hammer price, on completion of the auction, by cash or cheque or bank transfer to guarantee their purchase. Non-payment of all balance payments with in fourteen days post the sale would lead to forfeiture of the deposit.

All successful bidders will be sent two proforma invoices within 24 hours of the conclusion of the sale, for the purchases made in the sale by email to the email address provided in the Registration form. The first proforma invoice will include the hammer price plus import duty at the rate of 11% (or as chargeable at the time of payment), if applicable, and Goods and Services Tax (GST) at the applicable rate (taxes are subject to changes and revisions). The second proforma invoice will include the buyer’s premium (15% payable on hammer price) plus applicable GST at 18% (taxes are subject to changes and revisions).

For works that have been imported into India (marked with a # in the catalogue), the applicable GST will be charged on the total amount of the hammer price plus the import duty of 11% (or as applicable at the time of payment).


The proforma invoices will be sent to the name and address of the successful bidder as stated on the registration form. Any changes to this should be sent to accounts@pundoles.com or via written communication within 48 hours of the sale being completed.

Final invoices for purchases made in the sale will be sent to the name and address of the successful bidder as stated on the registration form once payment is completed. Invoices will reflect the final amount payable for all lots purchased. The total invoice price will be divided into two separate invoices as stated above.

In applicable cases, additional invoices / debit notes for packing, shipping, insurance and storage (if applicable), will be sent separately.

PAYMENT

Payment should be made within 14 days of receipt of the proforma invoices via email. Payment will only be accepted from the same party as indicated on the invoice.

Payment will be accepted through cheques, wire transfers and demand drafts.

International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees. NON-PAYMENT

If the buyer fails to make payment on any purchases within 14 days of the receipt of the proforma invoices, Pundole’s has the right to take whatever action they deem necessary, including legal proceedings to ensure that the contract between seller and buyer is fulfilled.

In case of payments delayed beyond their respective due dates, the following will be charged:

Late charges will be calculated based on the total purchase price plus taxes and all charges related to shipping, and insurance and storage. Pundole’s will give the buyer suitable notice, failing which, at the sole discretion of Pundole’s further steps may be taken, which may include cancelling the sale, re-offering the property and restricting any further bidding in Pundole’s auctions.

Pundole’s has the right to re-offer the property for auction or private sale if payment is not made by the original purchaser within 45 days of the conclusion of the auction. In the event the property is re-offered, the original buyer will have to bear any and all financial loss borne through the process of reselling the work. This includes any monetary shortfall between the original amount fetched at auction and the new price obtained at resale as well as all losses related to commissions, premiums, shipping, insurance and storage charges, legal fees, and all applicable taxes. Due credit will be given for any part payment made by the buyer.

SHIPPING

Shipping forms will be included with the invoices, and all shipping instructions, whether local or international should be communicated to Pundole’s within 7 days of receipt of the invoices.

Shipping and delivery services may be delayed due to restrictions imposed by the Government during the lockdown period. Pundole’s will work with the shippers to ensure as timely a delivery as possible keeping the limited resources in mind.

All purchases must be collected or shipped within 14 days of payment of the invoices. If after full payment the buyer fails to collect the Property or arrange for shipping within 14 days of payment, and receipt of Property by Pundole’s from Sellers, Pundole’s will move the Property to storage and charge the buyer storage and insurance charges that will have to be cleared prior to collection.

Local buyers who have purchased lots imported into India will be obliged to settle all invoices, including import duty, GST, etc., before such lots can be released from the Free Trade Warehousing Zone for free circulation within India.

All lots that have been imported into India (marked with a #)have been stored in a Free Trade Warehousing Zone. These lots will be cleared and released for free circulation within India from the FTWZ upon payment of customs duty @11% (or as applicable at the time of payment) to Pundole’s.

Shipping for all lots imported into India will only be arranged by Pundole’s on behalf of the buyer. All packing, shipping, insurance and related expenses will be borne by the buyer.

Shipping can be arranged by Pundole’s for both local and international shipments. In all cases, a third party will be used to pack, handle and ship the goods to their final destination. The work will also be insured at the buyer’s expense while in transit. While we will use a reputed and experienced art shipper, any mishap related to shipping and packing is not Pundole’s responsibility, and does not constitute part of the original contract between the seller and the buyer.

International buyers who have wire transferred money from an overseas bank account may be exempt from paying GST on the hammer price if the work is directly exported only by Pundole’s through their authorised licensed shipper, with the appropriate and required documentation. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.

If there is any loss or damage to the property of any nature whatsoever while the property is in the possession of Pundole’s or in transit the Buyer shall not hold Pundole’s responsible or liable for any such loss or damage and shall not claim any sum whatsoever from Pundole’s as costs, losses or damages. The Buyer agrees that it shall accept the proceeds of an insurance claim that maybe settled/sanctioned by Pundole’s insurance company by its policy in full and final settlement.

Any works exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing works into a country, it is the buyer’s responsibility to check on any import restrictions or applicable duties before confirming a shipping location. While Pundole’s will assist with both shipping and export, it


is the buyer’s responsibility to be aware of all import and export regulations and obtain any necessary licenses or permissions.

Import/Export licenses may take considerable time to obtain. Payment to Pundole’s for the purchase of the artworks should not be held up because of any shipping related issues. No sale may be cancelled due to lack of information on export and import procedures.

LIEN AND TRANSFER OF TITLE

Pundole’s shall be entitled to retain all property sold in various lots to the same purchaser, until amounts due to them from such purchaser have been received in full. Subject to this the Buyer may collect the properties within the prescribed time frame.

Risk and responsibility for the lot (including frame, glass and other breakable materials where relevant) and transfer of title passes to the buyer only after payment is received in full. At no point is copyright transferred to the buyer.

Pundole’s has the right to have a lien on the purchases for which payment is due until all outstanding dues are paid. All works can only be collected or shipped only upon receipt of all dues.

REGISTERED ANTIQUITIES AND NATIONAL ART TREASURES

All works as classified by the Government of India’s Antiquities and Art Treasures Act of 1972 as National Art Treasures, and, all property that is either registered with the Archaeological Survey of India or over one hundred years old is NON-EXPORTABLE and cannot be taken out of India. The works will be subject to all local taxes.

Please do note that all items that are registered with the Archaeological

Survey of India, or, are over one hundred years old, or, are National Treasures whether specifically indicated in the catalogue or otherwise, cannot be exported out of India.

Pundole’s have taken all efforts to determine such lots but do not take responsibility for any lack of information or oversight.

All works deemed to be over one hundred years old, which are classified by the Government of India and the Archaeological Survey of India (ASI) as Antiquities need to be registered with the office of the ASI. For works already registered, the ASI requires that ownership be transferred into the new owner’s name post the auction. While Pundole’s will assist with the process, all responsibility to abide with the guidelines and rules as provided by the ASI is the sole responsibility of the buyer. Please refer to the section titled REGISTERING ANTIQUITIES in the ‘How to Buy at Pundole’s’ section.

LIMITED WARRANTY

Pundole’s make no warranties whatsoever, directly or indirectly with respect to any material in the catalogue with the exception of the Author, name of the artist or a basic description of the property as stated in the opening line of each lot in capital letters.


If there is any dispute regarding a lot that has been proven wrong to Pundole’s satisfaction (as subject to the terms laid out below), Pundole’s will cancel the sale and refund the total amount (hammer price plus buyer’s premium excluding all taxes) to the buyer. The buyer will hand the disputed property back to Pundole’s. This clause is subject to the following:

If in the interregnum, any taxes or duties are paid, these shall not be returned or reimbursed by Pundole’s and Pundole’s shall have no liability on this account whatsoever.

It is the seller’s responsibility to return the net amount received to Pundole’s within a period of 30 days, and it is Pundole’s responsibility to add the buyer’s premium and refund the total amount to the buyer within a period of 10 days. If the seller does not return the money to Pundole’s, Pundole’s is not liable to return the disputed property back to the Seller.

PUNDOLE’S LIABILITY

Pundole’s agrees to refund the money in the case of a disputed sale as set out in the preceding clause. Any damages incurred during shipping, packing, handling are not within the purview of Pundole’s liability.

Apart from what is stated above, neither the seller nor Pundole’s, any of its employees, offices or agents shall be responsible for or give any guarantee, representation or warranty of any kind or assume any liability for the accuracy or correctness of any statement of whatever kind concerning any Property, concerning authorship, date, medium, origin, authenticity, exhibition history, historical relevance, provenance, attribution, or any lack of information provided, or any omissions, faults or defects in any lot.

It is agreed and understood that the recession of a sale and the refund of the Hammer price and the Buyer’s premium paid by the Buyer at the time of purchase is the sole remedy that may be sought by the Buyer, and such remedy is exclusive and in lieu of any other remedy which may be available under law. Pundole’s shall not be liable for any incidental or consequential losses or damages incurred or claimed.


COPYRIGHT

All images, illustrations and written material printed in this catalogue are the sole property of Pundole’s and should not be used by anybody including the buyer without prior permission. Copyright and all other rights are not transferred to the buyer during the sale of an artwork.

All trademarks, logos are a registered trademark of Pundole’s. Any rights not expressly granted herein are reserved.

WAIVER

No failure to exercise nor any delay in exercising any right, power, privilege or remedy under this Agreement shall in any way impair or affect the exercise thereof or operate as a waiver thereof in whole or in part. No single or partial exercise of any right, power, privilege or remedy under this Agreement shall prevent any further or other exercise thereof or the exercise of any other right, power, privilege or remedy.

SEVERABILITY

If any part of the Conditions of Sale is found by any court to be invalid, illegal or unenforceable, that part shall be discounted and the rest of the conditions shallcontinuetobevalidtothefullestextentpermittedbythelaw.

LAW AND JURISDICTION

In the event of any disputes and differences arising between the parties pertaining to this agreement the same shall be referred to the arbitration of a Sole Arbitrator appointed under the provisions of the Arbitration and Conciliation Act, 1996. The Arbitration shall be conducted in English and the venue thereof shall be Mumbai and in English. The Courts in Mumbai shall have exclusive jurisdiction.


HOW TO BUY AT PUNDOLE’S


LIVE AUCTION


Pundole’s auctions are open to the public during preview. Clients who are registered with us are welcome to attend our auctions. Each sale will have a catalogue available to view online approximately 3 weeks before the sale. Printed catalogues will be available for select sales approximately 2 weeks before the sale. Both the online and printed versions provide detailed descriptions and estimates for each lot, but we strongly encourage prospective buyers to inspect all lots they are interested in, in person, before the sale. If this is not possible, please contact us to request a condition report.

A more detailed explanation of our registration and bidding requirements is provided below.

All property sold at Pundole’s is subject to the Terms and Conditions of Sale printed in the catalogue. Please familiarise yourself with them as they will facilitate the sale process.

BIDDING 


Prospective buyers may bid in an auction either by bidding on the telephone, leaving absentee bids for the auctioneer to execute on their behalf, or, bidding with Pundole’s LIVE online from a computer or any mobile device.

All bidders need to complete the registration process, as explained in the Registration section below.

To bid in an auction, all buyers should register with Pundole’s in advance. Buyers can bid in their individual capacity or on behalf of a corporate or other entity.

Telephone Bidding

Registered bidders can make arrangements with Pundole’s to bid on the telephone. As these will be accepted on a first come first serve basis, please try to make these arrangements at least 24 hours before the start of the auction.

Absentee / Written Bids

Registered bidders may also choose to leave Absentee Bids which the auctioneer will execute on their behalf during the sale. Please note that absentee bids should indicate the maximum limit per lot. All written bid amounts left should be in Indian Rupees and at the ‘hammer price’, i.e.: buyer’s premium will be added to the final bid amount should the bid be successful. The auctioneer will try and buy the lot at the lowest possible price above or at the reserve for the specified lot.

For any clarifications regarding the registration process and setting up telephone or absentee bids, please contact Mallika Sagar at mallika@pundoles.com or +91 98202 96510.

Online / Mobile Bidding

Registered bidders may log in and bid online on the day of the sale. Please ensure you have been assigned a paddle number prior to the start of the sale, and, complete all registration formalities before the auction begins as first time bidders will be required to provide


additional information as outlined in the registration process below. If bidding with Pundole’s for the first time, please ensure this procedure is adhered to, as immediate approval to bid may not be given in the event the auction has already begun.

Bidders will be able to follow the auction with Pundole’s LIVE through an audio and / or video feed and place their bids accordingly. The auction may be followed by downloading our mobile bidding application (available for Apple and Android devices) or on Google Chrome.

In the event of any technical difficulties online, bidders may call Pundole’s to try and be accommodated for a telephone bid, subject to availability.

Registration

Bidders may register online through the website. First time bidders will be required to provide the following at the time of registration:

Supporting documents for an individual:

Supporting documents for a corporate or other entity:

A refundable deposit of INR 20,000 to be paid to Pundole’s before the auction. This will be adjusted against any purchases made in the auction or returned to the bidder post the auction.

Only registered bidders will be allowed to bid in the auction. A letter of authorisation shall be produced by any person bidding on behalf of another person or entity. (Authorisation Form available on request.)

PROCESS

 

Viewing Works

All works will be on view both online and at Pundole’s viewing gallery, prior to the sale. Bidders are encouraged to view the works in person and discuss the condition with a representative from Pundole’s. Written condition reports are also available upon request. Please ensure that you request a condition report from Pundole’s on the lots that may be of interest, prior to the sale. Condition Reports broadly will provide details and information to


the best of Pundole’s abilities, and Pundole’s cannot be held liable for any information that is erroneously provided or not mentioned. These reports have not been done by trained conservators. We encourage you to get an additional professional assessment should you need.

Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean that they do not exist. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by Pundole’s of any kind.

Auction

The sale will be conducted in Indian Rupees.

All works have a price range or estimate indicated in the catalogue. The estimate is the value assigned by Pundole’s to each work, keeping in mind comparable market examples for objects and the artists’ larger body for art works. Estimates are only indicative prices, and do not include buyer’s premium or any taxes, which will be additional. All catalogue descriptions are made to the best of Pundole’s knowledge, and are their opinion.

All works are sold subject to a reserve unless specifically indicated otherwise. The reserve is the minimum price at which the consignor has agreed to sell the work at, and in no case will exceed the low estimate of a work. All reserves are kept confidential. Therefore, any bids below the reserve will not be considered by the auctioneer to be a ‘selling price’.

Lots are usually opened for bidding below the low estimate, and increased in increments of approximately 10%. Any absentee bids that do not meet a standard bidding increment will be rounded down to the previous one. All increments are solely at the discretion of the auctioneer.

Buyer’s Premium and Government Taxes

The final price payable for every lot will be the Hammer Price (the price at which the auctioneer’s hammer falls) plus a Buyer’s Premium of 15%, plus applicable Goods and Services Tax (GST) and import duties, as described below.

All works are subject to a 15% Buyer’s Premium which will be added to the Hammer Price of each sold lot. This 15% Buyer’s Premium will be subject to applicable GST at 18%. (Taxes are subject to changes and revisions.)

All lots will be subject to the applicable GST (ranging from 3-18%) on the Hammer Price of each work (excluding the Buyer’s Premium). (Taxes are subject to changes and revisions.)

For works that have been imported into India (marked with a # in the catalogue), an import duty of 11% (or as applicable at the time of payment) on the hammer price will be applicable. The applicable GST will be charged on the total amount of the hammer price plus the import duty of 11% (or as applicable at the time of payment).

 

POST SALE


Payment

All successful bidders will need to put down a deposit of ten percent of the hammer price, either in cash or cheque or by bank transfer to guarantee their purchase. Non-payment of all balance payments within fourteen days post the sale may lead to forfeiture of the deposit.

All buyers will be responsible for all duties and taxes payable as a result of the sale of the lot.

Two separate Proforma Invoices will be sent by email to the email address indicated on the registration form. One proforma invoice for the hammer price plus the GST and the second for the buyer’s premium plus the GST. Any change to the invoicing name or address as given on the registration form should be communicated to accounts@pundoles.com within 48 hours of the auction. Two separate final invoices will be raised for all purchases as stated here.

Payment should be made to Pundole’s within 14 days of the receipt of the proforma invoice. Payment will only be accepted from the same party as indicated on the invoice.

Payment will be accepted through cheques, wire transfers and demand drafts.

International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees. International buyers who have wire transferred money from an overseas bank account can be exempt from paying GST and import duty (only for applicable lots) on the hammer price if the work is directly exported by Pundole’s through a licensed shipper, with the appropriate and required documentation. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.

Cheques and demand drafts to be made out to Pundole’s. Cheques should be drawn on a local Mumbai bank account only.

All payments can be sent to:

Pundole’s

Hamilton House , Ground Floor 8 J.N. Heredia Marg

Ballard Estate Mumbai 400 0001

Collection and Shipping

Pundole’s can arrange for local delivery in Mumbai and shipping within India and internationally at the buyer’s expense. All quotes will be on a Cost Insurance Freight (CIF) basis unless instructed otherwise. If Pundole’s organises delivery even within Mumbai, transit insurance will be mandatory. Shipping instructions should be clearly completed on the form provided with the invoice, and should be sent back at the earliest. Shipping estimates are available on request. Please contact shipping@pundoles.com for more information. Any


purchased lots not collected or shipped within 14 days of the auction will be moved to professional storage, at the buyer’s expense.

Local buyers who have purchased lots imported into India will be obliged to settle all invoices, including import duty, GST, etc. before such lots can be released from a Free Trade Warehousing Zone for free circulation within India.

All lots that have been imported into India (marked with a #)have been stored in a Free Trade Ware housing Zone. These lots will be cleared and released for free circulation within India from the FTWZ upon payment of customs duty @ 11% (or as applicable at time of payment) to Pundole’s.

Shipping for all lots imported into India will only be arranged by Pundole’s on behalf of the buyer. All packing, shipping, insurance and related expenses will be borne by the buyer.

International buyers who have wire transferred money from an overseas bank account can be exempt from paying GST and import duty on the hammer price if the work is directly exported by Pundole’s through a licensed shipper, with the appropriate and required documentation. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.

All items that are either Registered with the Archaeological Survey of India, or, are over one hundred years old, or, are National Treasures whether specifically indicated in the catalogue or otherwise cannot be exported out of India. Pundole’s have taken all efforts to determine such lots but do not take responsibility for any lack of information or oversight.

Any works exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing works into a country, buyers should check on any import restrictions or applicable duties before confirming a shipping location. While Pundole’s will assist with both shipping and export, it is the buyer’s responsibility to be aware of all import and export regulations and obtain any necessary licenses or permissions.

All purchases must be collected or shipped within 28 days of the auction, subject to the registration process. No works will be delivered or shipped before all payments for purchases, shipping and insurance have been completed. Pundole’s reserves the right to cancel a sale if payment is not received within 45 days of the auction.

For any inquiries, please contact Khorshed Pundole at khorshed@pundoles.com

Registering Antiquities

For all works in the auction that are registered with the Archaeological Survey of India, the buyer will be required to follow the process of transferring ownership from the seller to their name.

Please note that the name on the invoice and the name on the registration certificate will need to be one and the same.


Once payment has been received in full by Pundole’s, the transfer process can begin. The property will remain with Pundole’s for the duration of the transfer process, and will be handed over to the buyer upon completion.

As agent for the seller, Pundole’s is obligated to ensure that the registration and transfer process are completed in accordance with the Antiquities and Art TreasuresAct,1972.

Pundole’s will not be responsible for any delays in the registration or transfer process. While Pundole’s will assist with the process, buyers are solely responsible for communicating with the ASI and ensuring that the Registration Certificate is received by them safely and accurately.

All charges, if any, associated with the registration and transfer process will be borne by the buyer.

It is recommended that buyers familiarise themselves with the Antiquities and Art Treasures Act, 1972. For further information, please contact Pundole’s or visit the ASI website – www.asi.nic.in

All works either registered with the Archaeological Survey of India, or, are over a hundred years old, or, are National Treasures, whether specifically indicated in the catalogue or otherwise are NON-EXPORTABLE as per the Antiquities and Art Treasures Act, 1972 and cannot be taken out of India.

CATALOGUE TERMS


Please familiarise yourself with the following terminology used to catalogue objects. All catalogue descriptions are made to the best of Pundole’s knowledge, relying on information provided by the Seller and are their opinion.

Paintings

JAMINI ROY

A work by Jamini Roy

“Signed... / Dated... / Inscribed...”

(Pictures, drawings, prints, miniatures, sculptures) The work has been signed/dated/inscribed by the artist

“By Jamini Roy”

The artist, Jamini Roy, has been directly involved with the work

“Attributed to...”

A work probably executed by the artist

“Studio of... / Workshop of...”

A work executed in the studio or workshop of the artist, usually under his supervision


“...School / School of...”

A work executed by an artist working in the manner of a certain region or geographically specific style

“Manner of...”

A work executed in a particular artist’s style, but at a later date

Paintings / Objects

 

“Circa... / c.... ”

Manufactured around the years specified, or somewhere in that period

Objects

 

“Labelled... / Dated... / Inscribed... / Signed... / Stamped. ” (Furniture and Decorative

Objects)

The label, dating, inscription, signature or stamp is contemporary with the object

“Marked... / mark of. ” (Silver)

Indicates the location and year the object was manufactured, based on the hallmark symbols on the object and the corresponding information provided by the Bradbury Book of Hallmarks

“Marked... / Maker’s mark for. ” (Ceramics/Porcelain)

Indicates the mark of the manufacturer

“Meissen style” or “in the style of Meissen”

The piece is a later work, or done to look like Meissen, but not Meissen

“weight / total weight ...gms. /... kgs.” (Silver)

Weighing not less than the specified number of grams / kilograms

“gross weight / total gross weight ... gms. /... kgs.” (Silver)

Weighing not less than the specified number of grams / kilograms including any non-Silver additions, e.g.: wooden pieces, glass, mirror, etc.

Glass, Ceramics and Porcelain

Reference to damage, missing pieces and/or restoration may be made in the lot description. If these details are not mentioned, it does not imply that there are no defects to the lot, nor restrict the damage to the specifics mentioned. Such information is only provided for reference, and all lots should be examined for condition prior to the sale or a condition report requested.

Lights and Electrical Fixtures

Lights, chandeliers and electrical fixtures may have been disconnected or disabled. Catalogue descriptions do not guarantee wiring or working condition, and bidders are encouraged to get them assessed by a qualified electrician.


Furniture

Pundole’s does not accept liability for any additional details, defects or alterations with respect to an item of furniture or any other object that was concealed by upholstery, or any kind of work that required the lot to be taken apart or dismantled. While Pundole’s will provide relevant information, all furniture and usable objects should be checked for durability and utility.

Clocks

Clocks may have been repaired and may include parts which are not original and may be sold without pendulums, weights or keys. Pundole’s does not guarantee working condition and bidders are encouraged to get them assessed by a qualified technician.

Please ensure that you request a condition report from Pundole’s on the lots that may be of interest, prior to the sale. These reports have not been done by trained conservators. We encourage you to get an additional professional assessment should you need. Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean that they do not exist.

HOW TO BUY AT PUNDOLE'S TIMED ONLINE AUCTION


Pundole’s are open to the public during the auction preview days. Clients who are registered with us are welcome to bid in our auctions. Each sale will have a catalogue available to view online approximately 3 weeks before the sale. Printed catalogues will be available for select sales approximately 2 weeks before the sale. Both the online and printed versions provide detailed descriptions and estimates for each lot, but we strongly encourage prospective buyers to inspect all lots they are interested in, in person, before the sale. If this is not possible, please contact us to request a condition report.

This auction will be an online, timed auction.

A more detailed explanation of our registration and bidding requirements is provided below.

All property sold at Pundole’s is subject to the Terms and Conditions of Sale. Please familiarise yourself with them as they will facilitate the sale process.

BIDDING

 

Prospective buyers may bid in the auction either online or by leaving absentee bids with Pundole’s to execute on their behalf.

All bidders need to complete the registration process, as explained in the Registration section below.

To bid in an auction, all buyers should register with Pundole’s in advance. Buyers can bid in their individual capacity or on behalf of a corporate or other entity.

Online / Mobile Bidding

The auction will be held exclusively through online bidding. Please ensure you have been assigned a paddle number prior to the start of the sale, and, complete all registration formalities before the auction begins as first-time bidders will be required to provide additional information as outlined in the registration process below. If bidding with Pundole’s for the first time, please ensure this procedure is strictly adhered to, as immediate approval to bid may not be given in the event the auction has already begun.

The auction can be followed online (preferably on Google Chrome) or by downloading our mobile bidding application (available for Apple and Android devices).

In the event of any technical difficulties online, bidders may call a member of Pundole’s team on the mobile numbers provided to assist them with the bidding process or, in an emergency, to place bids on their behalf.

Khorshed Pundole +91 98196 91101

Dadiba Pundole       +91 98200 28418

Rob Dean                  +91 99200 28418

Mallika Sagar           +91 98202 96510

Priya Jaikishan        +91 98201 88078

Once registered and approved for the sale, in order to place bids online, bidders can select the lot(s) they wish to bid on and click on each. When looking at the individual lot details, the screen will indicate the current bid. Bidders can choose to place the next valid bid by clicking on PLACE BID, entering the bid amount and then by clicking again on BID.

You may choose to select the next valid increment, or, alternatively, you may enter your own maximum bid (hammer price) as an absentee bid which will be executed on your behalf.

Bidders should note that they could be immediately outbid by another absentee bid, so frequently refreshing the page you are on is recommended to ensure that you are aware of the most updated bid status on each lot.

Bids may also be placed on Pundole’s mobile bidding application. However, please ensure that all registration formalities have been completed prior to bidding.

Bids may also be placed through a member of Pundole’s team over the telephone, subject to availability.

Registered bidders may also choose to leave absentee bids with Pundole’s by completing an Absentee Bids Form. Please contact a member of Pundole’s team for more information.

Please note that once a bid is accepted, it is irrevocable.

Closure of Lots

Lots will start to close at the time designated at the beginning of the catalogue.


Each lot will close in the lot order of the catalogue, 90 seconds apart. If a bid is accepted within one minute of the closing time, an extension is activated which returns the countdown for that specific lot to 2 minutes, in order to allow other bidders to respond accordingly.

Absentee / Written Bids

Registered bidders may also choose to leave Absentee Bids with Pundole’s which Pundole’s will execute on their behalf during the sale. Please note that absentee bids should indicate the maximum limit per lot. All written bid amounts left should be in Indian Rupees and at the ‘hammer price’, i.e.: buyer’s premium will be added to the final bid amount should the bid be successful. Pundole’s will try and buy the lot at the lowest possible price above or at the reserve for the specified lot.

For any clarifications regarding the registration process and setting up absentee bids, please contact Mallika Sagar at mallika@pundoles.com or +91 98202 96510.

Registration

Bidders may register online through the website. First time bidders will be required to provide the following at the time of registration:

Supporting documents for an individual:

Supporting documents for a corporate or other entity:

A refundable deposit of INR 20,000 to be paid to Pundole’s before the auction. This will be adjusted against any purchases made in the auction or returned to the bidder post the auction.

Only registered bidders will be allowed to bid in the auction. A letter of authorisation shall be produced by any person bidding on behalf of another person or entity. (Authorisation Form available on request.)

PROCESS

 

Viewing Works

All works will be on view both online and at Pundole’s viewing gallery, prior to the sale. Bidders are encouraged to view the works in person and discuss the condition with a


representative from Pundole’s. Written condition reports are also available upon request. Please ensure that you request a condition report from Pundole’s on the lots that may be of interest, prior to the sale. Condition Reports broadly will provide details and information to the best of Pundole’s abilities, and Pundole’s cannot be held liable for any information that is erroneously provided or not mentioned. These reports have not been done by trained conservators. We encourage you to get an additional professional assessment should you need.

Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean that they do not exist. Any statement by Pundole’s does not constitute a representation, warranty or assumption of liability by Pundole’s of any kind.

Auction

The sale will be conducted in Indian Rupees.

All works have a price range or estimate indicated in the catalogue. The estimate is the value assigned by Pundole’s to each work, keeping in mind comparable market examples for objects and the artists’ larger body for art works. Estimates are only indicative prices, and do not include buyer’s premium or any taxes, which will be additional. All catalogue descriptions are made to the best of Pundole’s knowledge, and are their opinion.

All works are sold subject to a reserve unless specifically indicated otherwise. The reserve is the minimum price at which the Seller has agreed to sell the work at, and in no case will exceed the low estimate of a work. All reserves are kept confidential. Therefore, any bids below the reserve will not be considered by the auctioneer to be a ‘selling price’.

Lots are usually opened for bidding below the low estimate, and increased in increments of approximately 10%. Any absentee bids that do not meet a standard bidding increment will be rounded down to the previous one. All increments are solely at the discretion of Pundole’s.

Buyer’s Premium and Government Taxes

The final price payable for every lot will be the final successful bid (Hammer Price) plus a Buyer’s Premium of 15%, plus applicable Goods and Services Tax (GST) and import duties, as described below.

All works are subject to a 15% Buyer’s Premium which will be added to the Hammer Price of each sold lot. This 15% Buyer’s Premium will be subject to applicable GST at 18%. (Taxes are subject to changes and revisions.)

All lots will be subject to the applicable GST (ranging from 3-18%) on the Hammer Price of each work (excluding the Buyer’s Premium). (Taxes are subject to changes and revisions.)

For works that have been imported into India (marked with a # in the catalogue), an import duty of 11% (or as applicable at the time of payment) on the hammer price will be applicable. The applicable GST will be charged on the total amount of the hammer price plus the import duty of 11% (or as applicable at the time of payment).


POST SALE


Payment

All successful bidders will need to put down a deposit of twenty five percent of the hammer price, either in cash or cheque or by bank transfer to guarantee their purchase within 3 working days. Non-payment of all balance payments within fourteen days post the sale may lead to forfeiture of the deposit.

All buyers will be responsible for all duties and taxes payable as a result of the sale of the lot.

Two separate Proforma Invoices will be sent by email to the address indicated on the registration form. One proforma invoice for the hammer price plus the GST and the second for the buyer’s premium plus the GST. Any change to the invoicing name or address as given on the registration form should be communicated to accounts@pundoles.com within 48 hours of the auction. Two separate final invoices will be raised for all purchases as stated here.

Payment should be made to Pundole’s within 14 days of the receipt of the proforma invoice. Payment will only be accepted from the same party as indicated on the invoice.

Payment will be accepted through cheques, wire transfers and demand drafts.

International buyers can pay through wire transfers. Invoices will be raised in Indian Rupees. International buyers who have wire transferred money from an overseas bank account can be exempt from paying GST and import duty (only for applicable lots) on the hammer price if the work is directly exported by Pundole’s through a licensed shipper, with the appropriate and required documentation. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.

Cheques and demand drafts to be made out to Pundole’s. Cheques should be drawn on a local Mumbai bank account only.

All payments can be sent to:

Pundole’s Hamilton House, Ground Floor

8 J.N. Heredia Marg Ballard Estate Mumbai 400 001

Payment will be released by Pundole’s to the Sellers only after receipt of the works by Pundole’s in Mumbai.

Collection and Shipping

Pundole’s can arrange for local delivery in Mumbai and shipping within India and internationally at the buyer’s expense. All quotes will be on a Cost Insurance Freight (CIF) basis unless instructed otherwise. If Pundole’s organises delivery even within Mumbai, transit insurance will be mandatory. Shipping instructions should be clearly completed on the form provided with the invoice, and should be sent back at the earliest. Shipping estimates are available on request. Please contact shipping@pundoles.com for more information. Any purchased lots not collected or shipped within 14 days of the auction will be moved to professional storage, at the buyer’s expense.

Local buyers who have purchased lots imported into India will be obliged to settle all invoices, including import duty, GST, etc. before such lots can be released from a Free Trade Warehousing Zone for free circulation within India.

All lots that have been imported into India (marked with a #)have been stored in a Free Trade Warehousing Zone. These lots will be cleared and released for free circulation within India from the FTWZ upon payment of customs duty @ 11% (or as applicable at time of payment) to Pundole’s.

Shipping for all lots imported into India will only be arranged by Pundole’s on behalf of the buyer. All packing, shipping, insurance and related expenses will be borne by the buyer.

International buyers who have wire transferred money from an overseas bank account can be exempt from paying GST and import duty on the hammer price if the work is directly exported by Pundole’s through a licensed shipper, with the appropriate and required documentation. GST will still be applicable on the buyer’s premium, even if the lot is exported out of the country.

All items that are either Registered with the Archaeological Survey of India, or, are over one hundred years old, or, are National Treasures whether specifically indicated in the catalogue or otherwise cannot be exported out of India. Pundole’s have taken all efforts to determine such lots but do not take responsibility for any lack of information or oversight.

Any works exported from India will be done in compliance with the export and foreign exchange laws of the country. Similarly, when importing works into a country, buyers should check on any import restrictions or applicable duties before confirming a shipping location. While Pundole’s will assist with both shipping and export, it is the buyer’s responsibility to be aware of

all import and export regulations and obtain any necessary licenses or permissions.

All purchases must be collected or shipped within 28 days of the auction, subject to the registration process. No works will be delivered or shipped before all payments for purchases, shipping and insurance have been completed. Pundole’s reserves the right to cancel a sale if payment is not received within 45 days of the auction.

For any inquiries, please contact Khorshed Pundole at khorshed@pundoles.com

Registering Antiquities

For all works in the auction that are registered with the Archaeological Survey of India, the buyer will be required to follow the process of transferring ownership from the seller to their name.

Please note that the name on the invoice and the name on the registration certificate will need to be one and the same.

Once payment has been received in full by Pundole’s, the transfer process can begin. The property will remain with Pundole’s for the duration of the transfer process, and will be handed over to the buyer upon completion.

As agent for the seller, Pundole’s is obligated to ensure that the registration and transfer process are completed in accordance with the Antiquities and Art Treasure, 1972.

Pundole’s will not be responsible for any delays in the registration or transfer process. While Pundole’s will assist with the process, buyers are solely responsible for communicating with the ASI and ensuring that the Registration Certificate is received by them safely and accurately.

All charges, if any, associated with the registration and transfer process will be borne by the buyer.

It is recommended that buyers familiarise themselves with the Antiquities and Art Treasures Act, 1972. For further information, please contact Pundole’s or visit the ASI website – www.asi.nic.in

All works either registered with the Archaeological Survey of India, or, are over a hundred years old, or, are National Treasures, whether specifically indicated in the catalogue or otherwise are NON-EXPORTABLE as per the Antiquities and Art Treasures Act, 1972 and cannot be taken out of India.

CATALOGUE TERMS


Please familiarise yourself with the following terminology used to catalogue objects. All catalogue descriptions are made to the best of Pundole’s knowledge, relying on information provided by the Seller and are their opinion.

Paintings

JAMINI ROY

A work by Jamini Roy

“Signed... / Dated... / Inscribed...”

(Pictures, drawings, prints, miniatures, sculptures) The work has been signed/dated/inscribed by the artist

“By Jamini Roy”

The artist, Jamini Roy, has been directly involved with the work


“Attributed to...”

A work probably executed by the artist

“Studio of... / Workshop of...”

A work executed in the studio or workshop of the artist, usually under his supervision

“...School / School of...”

A work executed by an artist working in the manner of a certain region or geographically specific style

“Manner of...”

A work executed in a particular artist’s style, but at a later date

Paintings / Objects

“Circa... / c.... ”

Manufactured around the years specified, or somewhere in that period

Objects

 

“Labelled... / Dated... / Inscribed... / Signed... / Stamped. ” (Furniture and Decorative

Objects)

The label, dating, inscription, signature or stamp is contemporary with the object

“Marked... / mark of. ” (Silver)

Indicates the location and year the object was manufactured, based on the hallmark symbols on the object and the corresponding information provided by the Bradbury Book of Hallmarks

“Marked... / Maker’s mark for. ” (Ceramics/Porcelain)

Indicates the mark of the manufacturer

“Meissen style” or “in the style of Meissen”

The piece is a later work, or done to look like Meissen, but not Meissen

“weight / total weight ...gms. /... kgs.” (Silver)

Weighing not less than the specified number of grams / kilograms

“gross weight / total gross weight ... gms. /... kgs.” (Silver)

Weighing not less than the specified number of grams / kilograms including any non-Silver additions, e.g.: wooden pieces, glass, mirror, etc.

Glass, Ceramics and Porcelain

Reference to damage, missing pieces and/or restoration may be made in the lot description. If these details are not mentioned, it does not imply that there are no defects to the lot, nor restrict the damage to the specifics mentioned. Such information is only provided for reference, and all lots should be examined for condition prior to the sale or a condition report requested.


Lights and Electrical Fixtures

Lights, chandeliers and electrical fixtures may have been disconnected or disabled. Catalogue descriptions do not guarantee wiring or working condition, and bidders are encouraged to get them assessed by a qualified electrician.

Furniture

Pundole’s does not accept liability for any additional details, defects or alterations with respect to an item of furniture or any other object that was concealed by upholstery, or any kind of work that required the lot to be taken apart or dismantled. While Pundole’s will provide relevant information, all furniture and usable objects should be checked for durability and utility.

Clocks

Clocks may have been repaired and may include parts which are not original and may be sold without pendulums, weights or keys. Pundole’s does not guarantee working condition and bidders are encouraged to get them assessed by a qualified technician.

Please ensure that you request a condition report from Pundole’s on the lots that may be of interest, prior to the sale. These reports have not been done by trained conservators. We encourage you to get an additional professional assessment should you need. Condition reports will broadly state the physical and visible, damaged and restored areas of the artwork. If there is an area specifically mentioned, it does not exclude other similar areas, and if there is a problem not mentioned, it does not mean that they do not exist.

COLLECTION INFORMATION FOR CLIENTS INTENDING TO PURCHASE WORKS LOCALLY WITHIN INDIA:


Please note that all lots have been imported into India.

the buyer. These works will follow the procedure outlined on page 210 of the catalogue under Collection and Shipping, or can be found online in How to Buy at Pundole’s, under the Selling / Buying tab.

Shipping procedures remain as stated in How to Buy at Pundole’s on page 210 of the catalogue (or online under the Selling/Buying tab).

For any questions, please feel free to contact a member of the Pundole’s team.